BAI demands early enactment of Real Estate Regulation Bill

Jamshedpur, Dec 30: In the light of the decades old tenancy laws of the state apparently hindering the growth of the real estate industry there’s a growing demand for early enactment of the Real Estate (Regulation and Development) Bill to cater to the needs of the real estate players.

Taking leaf out of the real estate regulation bills of the various states that have enacted the law this year, the Builders Association of India (BAI) has demanded from the incumbent Hemant Soren government to come out with a new legislation regulating the housing industry.

“We want the present government to post the draft (real estate regulation and development) bill on the internet for soliciting the views of the stakeholders so that valuable opinions come through that could be incorporated in the final copy (of the draft),” said BAI Jamshedpur chapter president, A K Srivastava on Monday.

Srivastava has written a letter to the state government in this connection on December 26.

According to the BAI functionary, the need for putting the draft bill in the public domain is all the more important in respect to Jharkhand because the rigid provisions of the Chotanagapur Tenancy (CNT Act 1908) and Santhal Pargana Tenancy (SPT Act 1949) is causing harm to the growth of the real estate business.

“We will put forward our views and opinions to suggest the government on ways to amend the tenancy laws so that they are friendly to the investors and at the same time adequate land is freed from the clutches of the ancient tenancy laws,” said a noted builder counting the merits of the draft bill if put in the public domain.

He also added that the bill would ensure greater accountability towards consumers, and will significantly reduce frauds and delays.

“The bill basically aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions which in turn will enable the sector to access capital and financial markets essential for its long term growth,” said a city based developer.

The Union government had approved the Real Estate (Regulation and Development) Bill earlier this year.

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By Goutam Shankar Das Jharkhand is 18 years old today. Frog-jumping over its nascent days, it is now in its adolescent era. Irrespective of political observations, Jharkhand has indeed progressed though a bit on the slower side. Jharkhand has seen seven governments in its run as a separate state. Each government has had programs chalked […]